US Energy Secretary Chris Wright tried to calm global markets, saying the current spike in oil prices is driven purely by a “fear premium,” not by any actual shortage of resources.
Speaking on CNN, the secretary stressed there is no global shortage of oil or natural gas and that investor panic over the war with Iran is temporary. Wright said the administration expects prices to slide back once shipping in the region gets back on track — a process that should take “weeks, not months.”
The situation in the Strait of Hormuz remains critical: over the past day, only tankers directly linked to Tehran have transited the key shipping lane. The blockade has already hit American motorists’ wallets — the national average gasoline price jumped about 16% over the week to $3.45 per gallon. Nevertheless, Wright said he is confident that gasoline will return to below $3 in the near future.
To restore logistics, the Trump administration is discussing a $20 billion ship reinsurance program and the possibility of direct naval escort of tankers by the US Navy. Wright also emphasized that the United States does not plan to strike Iran’s oil-and-gas infrastructure, seeking to avoid an actual global supply shortfall.
The secretary noted that recent attacks on Iranian fuel depots were an Israeli initiative, while US strategy remains focused on purely military operations.